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Agencies may require a contractor to perform some or all of
the tasks associated with determining the preparation of annual
statements for the loans being serviced by the contractor. Agencies
may issue task orders that include requirements for this service
which contains services which are similar to the those described
below. A task order may require any combination of these services.
These services illustrate some of the types of tasks that the
contractor may be required to perform under this contract, but
this is not intended to be an all inclusive list. Rather, it
illustrates the types of services a contractor may provide.
When required, agencies may issue task orders preparing annual
statements which may require, but are not limited to the following
types of tasks:
Prepare and send an annual statement each year to every borrower.
The annual statement may be required to contain information
such as:
- Borrower Identification Number
- Borrower Name and Address
- Period Covered by the Statement
- Beginning Account Balance
- Account Activity
- Ending Account Balance
- Changes in Variable Interest Rates
- Toll-free Customer Service Telephone Number
- Free-form text area for additional information required by
an agency
- Any additional information required for adequate reporting
as specified by an agency
- Tax and Insurance Escrow Information
Provide endorsers annual statements. Agencies may require all
endorsers or a selected group of endorsers (e.g. endorsers on
loans that are delinquent) be provided annual statements.
Respond to telephone and letter inquiries regarding annual
statements within timeframes established in the task order.
Have the capability to regenerate annual statements, when those
initially prepared have erroneous, incorrect, or misleading
information on them. These regenerated statements may be required
to reflect the account status as it should have been when the
statements were initially prepared.
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